Home sales regaining life

 

Last updated 3/5/2024 at 9:33am



A comparison of homes sold in Sisters Country the last two months compared to 2023, shows change in the direction of the market. In January median and average prices came into near parity at the same time the price per square foot demonstrated more affordability overall.

In January of 2022, 10 homes sold for a total value of $9.9 million. However that included a jumbo sale of $4 million, which if stripped out made for a monthly low not seen in over 10 years. In January, 2024 the market delivered $8.8 million spread over 13 sales, the highest being $925,000.

The average home price in January 2023 was $989,470 due to the jumbo sale. This January the average was $676,754. The median price, the more accurate gauge of the market, was $658,995 a year ago January and $679,390 last month. Realtors say homes under $700,000 are what’s needed for affordability.

The price per square foot dropped from $546 to $440, notwithstanding that 30 percent of this January’s sales were in Sisters Woodlands where prices per square foot ranged from $554 to $651.

The Woodlands sales also created a dramatic drop in the days on market as homes are selling there at a brisk pace, notwithstanding the higher per square foot price. On the other end was a home on West Clearpine Drive that went on the market for $899,900 on March 20, but didn’t sell until January 17, 10 months later, for $795,000.

Buyers in January, as in December, settled for smaller homes. Homes sold in January of 2023 averaged 1,811 square foot compared to 1,537 square foot last month.

February sales rocket back from 2023

Ten homes sold in February of 2023 three of which transacted for more than $1 million. The number grew by 40 percent last month when 14 homes sold, six over $1 million. A total of $13.7 million, nearly double the $7.65 million booked in February of 2023.

The average sale of $979,429 was more than $300,000 for the prior February and the median price was $794,750 recalling the big market years of 2021 and 2022.

Buyers in February returned to larger homes with an average number of square feet reaching 2,351 compared to 2,093 in February of 2023.

The single home market in Sisters, while seeing an uptick in 2024 over 2023 is still far behind 2022’s opening two months when 45 sales busted the charts scoring over $31 million in sales.

Interest rates are again blamed for the decline, along with the number of cash buyers stuck not being able to sell their homes. The 30-year fixed rate on March 3 was 7.902 percent which translates to a monthly mortgage payment on the average Sisters home sold so far this year to $5,072 — after a $174,476 down payment.

In 2022 the rate was 3.22 percent which would place the same mortgage at $3,025/month. To qualify for a standard mortgage for the recent average home in Sisters, buyers would need a combined household income of $202,871. The median income in Oregon is $76,632.

There are 13 apartments listed for rent in Sisters, although 10 are actually homes. Only three are classic multi-family units ranging from $1,295 month for 600 square feet to $1,650/month for 890 square feet.

This is the most affordable and available rentals have been in five years according to Rental Source.

 

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